Section 17:9A-59.5 - Periodic payments; amount; applicationA. The amount of the payment required to be made on advance loans made to a particular borrower in reduction thereof shall at least equal 1/72 nd of the aggregate amount owing at the end of a billing cycle by such borrower on each advance loan contract between bank and borrower. No monthly payment shall be in an amount less than $10.00 on each advance loan contract between bank and borrower unless the amount owing at the end of a billing cycle is less than $10.00 with respect to the particular contract, in which case the amount of the payment shall be the amount owing. Nothing in this subsection shall be construed as preventing a bank from rendering separate statements using different billing cycles as provided in subsection B of section 4 of this act.B. Unless the contract provides otherwise, monthly payments shall be applied in the following order: (2) to premiums on credit life or credit accident and health insurance, or both;(3) to late charges imposed pursuant to section 7 of this act;(4) to service charges imposed pursuant to section 8 of this act; andL.1959, c.91, p.224, s.5; amended by L.1968, c.64, s.5; L.1981, c.37, s.5, eff. 2/12/1981.